15 Best Pet Insurance Companies Heading into 2024

Published on December 27, 2023 at 1:24 pm by Ali Ahmed in Business, Industries, Lists, News

In this article, we will cover the 15 best pet insurance companies heading into 2024. If you want to skip our detailed analysis of the pet insurance market, you can go directly to 5 Best Pet Insurance Companies Heading into 2024.

The Global Pet Insurance Market: An Analysis

Driven by economic trends, increasing pet adoption, and changing consumer preferences, the global pet insurance market is expected to reach new heights in the coming years. According to a report by Mordor Intelligence, the global pet insurance market’s value is estimated to have reached $9.57 billion in 2023. Looking forward, the market is expected to grow at a compound annual growth rate of 12.43% from 2024 to 2028 and reach $17.19 billion by the end of the forecasted period. The North American region, where the US accounts for the largest market share, is expected to dominate the pet insurance market during the forecasted period.

In one of our previous articles about the most owned dog breeds in America, we briefly discussed the growing pet population and the increasing humanization of pets. Fueled by urbanization, rising disposable incomes, changing lifestyles, and the emotional benefits of pet companionship, more people are adopting pets. Pets are seen as valued members of the family, and the growing trend of pet humanization means that more pet owners are increasingly willing to invest in the well-being of their pets. Such trends have led to an increased demand for pet healthcare services as well as pet insurance. Moreover, the rising cost of veterinary care and treatments is driving the demand for pet insurance. As veterinary expenses rise, pet insurance offers much-needed financial security and peace of mind, helping pet owners prioritize their pet’s health without having to break the bank.

Major Players in the Pet Insurance Industry

Marketing efforts and educational campaigns are raising awareness about the advantages of insurance coverage. Pet owners are now more educated about the potential financial burden that can come with unexpected illnesses or accidents. This has led to an increase in demand for insurance coverage. The Allstate Corporation (NYSE:ALL) is one of the biggest insurance companies in the United States. It is also one of the best auto insurance companies heading into 2024. The Allstate Corporation (NYSE:ALL) offers pet health insurance that covers unexpected illnesses or injuries. It also offers an optional wellness plan for routine and preventative care. With The Allstate Corporation (NYSE:ALL), pet owners can also get a 10% multi-pet discount for insuring multiple pets. On November 1, The Allstate Corporation (NYSE:ALL) reported strong earnings for the fiscal third quarter of 2023. The company reported an EPS of $0.81 and beat estimates by $0.32. The company’s revenue for the quarter grew by 8.39% year-over-year and amounted to $14.5 billion, ahead of market consensus by $1.06 billion.

Other prominent pet insurance companies that are expected to benefit as the pet insurance market continues to grow include Trupanion Inc. (NASDAQ:TRUP) and Lemonade Inc. (NYSE:LMND).

Lemonade Inc. (NYSE:LMND) is an American digital insurance company that offers renters, homeowners, car, life, and pet insurance. It is currently available in the United States, the United Kingdom, the Netherlands, Germany, and France. On November 8, Lemonade Inc. (NYSE:LMND) reported that it had welcomed its two millionth customer. The digital insurance company achieved this milestone 35% faster than the first million, which was reached in late 2020. The premium per customer also increased by about 70% over the same period. Additionally, net operating loss, as compared to gross earned premium, roughly halved over the same period, demonstrating Lemonade Inc.’s (NYSE:LMND) technological advantage, scalability, and clear progress toward profitability.

Technology is playing a significant role in improving the pet insurance experience. AI-powered claim processing and telemedicine are streamlining the process for both pet parents and insurance companies. Trupanion Inc. (NASDAQ:TRUP) is an American pet insurance company that offers pet insurance in the US, Canada, and Australia. On August 9, Trupanion Inc. (NASDAQ:TRUP) announced that it has achieved a significant milestone by automating over 60% of invoices submitted through its vet portal, enabling lightning-fast invoice processing and direct payments to veterinary hospitals at the time of checkout. This quick and efficient payment process helps alleviate the financial burden on pet parents, allowing them to focus on their pets’ treatment and well-being. Trupanion Inc.’s (NASDAQ:TRUP) vet portal employs state-of-the-art artificial intelligence (AI) to replicate real-world policy decisions and process an invoice at the hospital in just five seconds. Margi Tooth, Trupanion Inc.’s (NASDAQ:TRUP) President, said:

“By removing upfront payments and using AI to eliminate cumbersome paperwork and wait times, pet parents can more easily say ‘yes’ to the treatment their pet needs, regardless of cost. In turn, this removes barriers to care and empowers veterinary professionals to practice their best medicine, unhindered by financial constraints. Happier vets can focus on what matters most: helping pets.”

Now that we have discussed what’s going on in the pet insurance market, let’s take a look at the 15 best pet insurance companies heading into 2024.

Methodology

For this article, we compiled a list of the 15 best pet insurance companies heading into 2024. Choosing the best pet insurance companies requires a number of factors to be taken into consideration and it can still be a matter of personal preference. To provide the readers with an accurate representation, we used consensus picks from different insurance, finance, and review websites that ranked the best pet insurance companies based on factors like available coverage options, customer service, claims filing process, and other related services and products.

We analyzed rankings on Hepper, Pet Insurance Review, NerdWallet, and USA TODAY. We counted the number of times each pet insurance company was listed in these sources. We then also calculated the “Insider Monkey Ranking” for all the insurance companies by adding up their rankings in each of the sources and then dividing that figure by the number of times each company’s name came up. We then ranked the 15 best pet insurance companies heading into 2024 based on how many times their name came up in the sources as well as their average rankings.

The number of mentions is our primary metric and the Insider Monkey Ranking is our secondary metric. A lower Insider Monkey Ranking is better since it means that the insurance company had a better overall ranking among our sources. In the case where multiple companies had the same number of mentions across our sources, tie-breaking was done on the basis of average Insider Monkey Rankings. The 15 best pet insurance companies heading into 2024 are listed below in ascending order.

Number Of Mentions: 3

Insider Monkey Ranking: 5.66

Pets Best is one of the best pet insurance companies heading into 2024. It offers comprehensive accident and illness coverage for pets. Pets Best also offers pet wellness and routine care coverage as an optional add-on, which includes veterinary visits like annual check-ups, vaccinations, and more.

Click to continue reading and see 5 Best Pet Insurance Companies Heading into 2024.

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15 Best Pet Insurance Companies Heading into 2024

Published on December 27, 2023 at 1:24 pm by Ali Ahmed in Business, Industries, Lists, News

The Global Pet Insurance Market: An Analysis

Major Players in the Pet Insurance Industry